Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account

RBI/2013-14/458 DBOD.BP.BC.No. 87/21.01.001/2013-14 January 22, 2014 The Chairmen / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account Please refer to our circular DBOD.BP.BC.No.50/21.01.001/2011-12 dated November 4, 2011 advising banks that they are prohibited from crediting 'account payee' cheques to the account of… Read More

Tags: BankBusinesschequeFinancial servicesNegotiable InstrumentNegotiable Instruments Act 1881Payment

Press Statement of the Finance Secretary on VCES

There has been an overwhelming response to the VCES . In the last four days, we have received over 16,000 applications involving Rs. 1500 crores of service tax dues. Upto 29-12-2013 we have received over 40,000 declarations involving over Rs 5500 crores. This would broadly correspond to Rs 55,000 crores of services, which have escaped… Read More

Tags: CommissioneratesFinance ActGovernmentPaymentService ProviderTaxation in IndiaVCESWorking time

Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit)

RBI/2013-14/359 DNBS.PD/ CC.NO.359 /03.10.001/2013-14 November 06, 2013 All NBFCs Dear Sirs, Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit) A reference is invited to our Circular No DNBS.PD/ CC.NO.316 /03.10.001/2012-13 December 20, 2012 advising all NBFCs to ensure replacement of all Non-CTS-2010 standard compliant cheques received from their customers for future… Read More

Tags: chequeCTS 2010EMINegotiable Instruments Act 1881PaymentReserve Bank of IndiaSection 25

Quarterly Advance Tax Payment :: Banks to remain open

All Designated Branches of Authorized Banks to Function on 14th and 15th September, 2013 (Saturday & Sunday) All designated branches of authorized banks have been asked to function on 14th and 15th September, 2013 (Saturday & Sunday) to accept advance tax payments. If any tax payer fails to pay the advance tax on 14th/15th September,… Read More

Tags: AccountingAdvance corporation taxIncome taxInternal Revenue ServicePaymentTaxTaxation

Salient Features of Service Tax VCES – Voluntary Compliance Encouragement Scheme 2013

Finance Act 2013 has announced VCES 2013 to provide an opportunity to a person to pay service tax, which he was required to pay, but was not paid; and the same was not detected by tax department as on 1st March, 2013. Under the scheme, the person will get exemption from payment of Interest and Penalty… Read More

Tags: 31stDecember 2013DeclarantFinance ActPaymentTaxUnion duesVCES-1VCES-2

Case Laws :: Sec 192 explains TDS obligation on Medical Reimbursement & LTC components of a CTC of an employee

CLR Editorial Notes: In this case related to TDS and LTC of an employee, it was noticed that the assessee (in this case - Infosys BPO, Bangalore) had recruited employees under a contract of employment which provided the salary as a ˜cost to company™ or ˜CTC™. Once the employee had determined the CTC, he/she was permitted… Read More

Tags: BangaloreBusinessCommissioner of ITCommonwealth Law ReportsIncome taxIT ActLeave Travel AllowanceLTCPaymentSalarySection 192 of the IT ActTax Deducted at SourceTDS

Procedure for availing the VCES scheme

Procedure for availing the VCES scheme Step 1 If the declarant  is not registered, then he is first required to get himself registered and then apply for this scheme. For details, please visit . Step 2 After registration, the declarant shall make a declaration in Form VCES-1 to the designated authority on or before 31.12.2013. Step 3 On receipt… Read More

Tags: 31stDecember 2013DeclarantForm VCES-1PaymentTaxTown and Country Planning Act 1990Union duesVCE

Payment of Arrears of family pension

In case of death of a pensioner, all money payable to the pensioner on account of pension are payable to the nominee of the deceased pensioner. In the absence of any valid nomination made by the pensioner, the arrears of his/her pension are paid to the legal heir. However, dependants of some pensioners expressed difficulties… Read More

Tags: ArrearsGoodluck JonathanGovernmentHousing BenefitPaymentPensionerPublic housingUniversal Credit

Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh

The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees. The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5 lakhsincluding income from other sources upto Rs. 10,000/- from the requirement of filing return of income for assessment year 2011-12 and… Read More

Tags: CBDTDigital signatureNew DelhiPaymentSalaryTaxTax return (United States)Taxation in India

Department of Food Launches Electronic Transfer of Funds

The Department of Food & Public Distribution has launched the system of electronic transfer of funds. Shri Sudhir Kumar, Secretary of the Department launched the system here today. On the occasion he said that the system would bring more efficiency in the financial working of the Department and would ensure quick and direct transfer of… Read More

Tags: CBSDepartment of Food & Public DistributionFinancial servicesGovernment of IndiaNational Informatics CentrePaymentPayment systemReserve Bank of India

Basic Exemption under Service Tax is not basic

Generally, it is understood that no service tax is payable, if a person™s taxable service turnover does not exceed Rs 10 lakhs in a financial year.  Basic emption  is given under taxation law and other laws to ensure that a person does not suffer undue hardship in complying with applicable legal requirements. For example, basic… Read More

Tags: Capital goodFiscal yearIncome taxIncome Tax ActPaymentService ProviderTaxTax exemption

Govt Clarifications on Repayment of Outstanding Balance on Stocks and Loans

The outstanding balance of 9.00% loan 2013 and 9.81% Government Stock, 2013 are due for repayment on May 24, 2013 and May 30, 2013 respectively. No interest will accrue there on from the said dates. In the event of a holiday being declared on May 24, 2013 and/ or on May 30, 2013 by any State Government… Read More

Tags: Balance (accounting)BusinessLoanPaymentState Bank of IndiaStock CertificateStudent loan

Ministry Clarification on Gratuity Pay under New Pension System

Death-cum-Retirement Gratuity is paid to Central Government employees under New  PensionSystem (NPS) as it is paid under the old pension scheme. The monthly annuity under the New Pension System (NPS) is only a replacement of pension on retirement and family pension of death after retirement. The benefits of Death cum Retirement Gratuity (DCRG) and pension/family pension have… Read More

Tags: BusinessCentral GovernmentCivil serviceDearness AllowancePaymentPensionRetirementTip (gratuity)

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